Paul McCartney achieved billionaire status on Monday after Forbes put his net worth at a whopping $1.4 billion, making him the world’s third-richest musician.
McCartney’s wealth ranks behind that of his friend Taylor Swift ($2 billion), with whom he performed the Beatles’ first U.S. No. 1, “I Want To Hold Your Hand,” at the pop artist’s star-studded wedding to Travis Kelce at Madison Square Garden in July.
Jay-Z tops Forbes’ revered rankings with $2.8 billion.
Forbes attributes McCartney’s rise to third place to a life of prolific songwriting, a series of shrewd business moves and an impressive art collection.
But the 84-year-old rocker’s beginnings were humble, growing up in a working-class family in Liverpool, in the northwest of England.
Despite the Beatles’ phenomenal success, the Fab Four did not benefit from the money generated by their hard work during the height of Beatlemania. Forbes reported that their initial recording contract earned them less than a penny per album sold.
“No matter how successful the company was, we didn’t get a raise,” McCartney wrote in a 2017 Forbes essay.
Looking for a solution, McCartney started his own publishing company in 1969 – MPL Communications. It was the first time the musician managed his intellectual property, giving him a much larger share of the royalties.
MPL was extremely lucrative for McCartney, as he also used the company to purchase the copyrights to thousands of tracks, including the back catalog of rock ‘n’ roll pioneer Buddy Holly, whom McCartney cited as a major influence on the Beatles.
The publisher also owns the rights to an array of Christmas favorites, including “It’s Beginning to Look a Lot Like Christmas” and “Baby, It’s Cold Outside,” as well as musicals such as “Grease” and “Annie.”
Streaming these Christmas classics, or even performing in a high school production of these musicals, increases the Brit’s wealth.
McCartney, a father of five and grandfather of eight, fought several legal battles to ensure that he, his fellow Beatles and their estates were entitled to optimal royalties. The group’s Apple Corps holding company now earns more than $50 million a year from streams, vinyl sales and merchandise.
The Liverpool boy’s share of the royalties for Beatles songs also earns him at least $10 million a year, Forbes estimated.
Forbes also noted that real estate in the United Kingdom and the Hamptons, as well as an art collection featuring works by Picasso and Magritte, increased McCartney’s net worth.
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